In Russia, western sanctions over Ukraine and foreign oil prices are taking a heavy toll on that country’s economy. The government has slashed its economic forecast for next year and warned that Russia is now heading into recession. Russia’s Economic Development Ministry estimates the economics will contract by 0.8% next year. It had previously estimated the economic will grow by 1.2% in 2015. 

 

OK, let’s go to the markets. The US energy companies are pushing Wall Street higher despite a fall in global oil prices overnight. The Dow closed more than 0.5% higher. The Nasdaq and the S&P 500 had also made gains. In London, the FTSE was also up. Checking commodity prices, West Texas Crude is trading at 67 dollars a barrel. Tapis is at 74 US dollars a barrel. And gold is at 1199 US dollars an ounce. The Aussie dollar is at 84 US cents, 68 euro cents and 54 pence sterling.